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Asset Sale and Loan Restructuring (Tables) | 12 Months Ended
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Dec. 31, 2017
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Summary of Combined Carrying Value of All Loans | The combined carrying value of the all loans (associated with the transaction) on December 10, 2015 prior to the transaction taking effect:
Loan Description |  | Reduction in Carrying Amount* |
Monaco advance/loan |  | $ | 2,000,000 |
Monaco Loan (Tranche 1 - August 14, 2014)** |  |  | 5,000,000 |
Fifth Third term |  |  | 3,000,000 |
Fifth Third SSCA project loan |  |  | 7,684,514 |
Fifth Third Laurel mortgage |  |  | 1,001,000 |
Term loan interest paid by Monaco |  |  | 12,559 |
Mortgage interest paid by Monaco |  |  | 3,182 |
SSCA project loan interest paid by Monaco |  |  | 36,614 |
Monaco Loan (Tranche 2 – October 1, 2014) |  |  | 387,262 |
Fair value of assets given up and assigned to debt extinguished |  | $ | 19,125,131 |
* | Represents the reduction in carrying amount of each of the loans by the fair value of the assets. The reduction is to equate to the fair value of the assets.
** | In accordance with the asset purchase agreement, the $5,000,000 loan balance is reduced by (i) the cash or other value received by Monaco from the SSCA, or (ii) If the proceeds received by Monaco from the SSCA project are insufficient to have paid off the loan balance of $5,000,000 by December 31, 2017, then Monaco can seek repayment of the remaining outstanding balance on the loan by withholding our 21.25% “additional consideration” in new shipwreck projects done with Monaco. Management believes that there is a 100% chance that the cash or other value will be received by Monaco from the SSCA. Because there is a 100% likelihood that cash or other value will be received by Monaco from the SSCA, there is also 100% likelihood of the $5,000,000 Note being extinguished. As such this analysis includes the $5,000,000 as debt being extinguished.
Schedule of Undiscounted Cash Flows and Revised Carrying Value | We determined if the future undiscounted cash flows are greater or less than the revised carrying value.
|  | Amount |
Future Cash Flows: |  |  |  |
Monaco Loan (Tranche 2 – October 1, 2014) |  | $ | 300,000 |
Tranche 2 accrued interest |  |  | 7,534 |
Tranche 2 future interest |  |  | 67,989 |
Total Tranche 2 debt |  |  | 375,523 |
Monaco Loan (Tranche 3 – December 1, 2014) |  |  | 2,500,000 |
Tranche 3 accrued interest |  |  | 7,534 |
T3 future interest |  |  | 566,575 |
Total Tranche 3 debt |  |  | 3,074,109 |
Undiscounted future cash flows |  | $ | 3,449,632 |
Revised Carrying Value |  |  |  |
Carrying value of all combined loans |  |  | 23,466,108 |
Reduced by fair value of assets |  |  | (19,125,131 | )
Revised carrying value* |  | $ | 4,340,977 |
Gain on restructure (difference between revised carrying amount and undiscounted future cash flows) |  | $ | 891,345 |
* | Calculation of revised carrying value
Combined loans |  | Note carrying values |
Monaco advance/loan |  | $ | 2,000,000 |
Monaco Loan (Tranche 1 - August 14, 2014) |  |  | 5,000,000 |
Monaco Loan (Tranche 2 – October 1, 2014) |  |  | 2,470,703 |
Tranche 2 accrued interest |  |  | 7,534 |
Monaco Loan (Tranche 3 – December 1, 2014) |  |  | 2,242,468 |
Tranche 3 accrued interest |  |  | 7,534 |
Fifth Third term |  |  | 3,000,000 |
Fifth Third SSCA project loan |  |  | 7,684,514 |
Fifth Third Laurel mortgage |  |  | 1,001,000 |
Term loan interest paid by Monaco |  |  | 12,559 |
Mortgage interest paid by Monaco |  |  | 3,182 |
SSCA project loan interest paid by Monaco* |  |  | 36,614 |
Total carrying value of all notes combined |  | $ | 23,466,108 |
Fair value of assets transferred |  |  | (19,125,131 | )
Excess debt carrying value of fair asset value |  | $ | 4,340,977 |

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- Definition Tabular disclosure of troubled debt restructuring which results when the debtor restructures the terms of its debt with a creditor due to the debtor's financial difficulties and the creditor grants certain concessions to obtain payment it might not otherwise receive. Includes a description of the principal changes in terms, the major features of settlement for each restructuring, the aggregate gain on restructuring and the related income tax effect, the per share amount of the total gain on restructuring, net of related income tax effect, and the total gain (loss) on transfers of assets recognized during the period. After the troubled debt restructuring has occurred debtors discuss the extent and amount to which amounts contingently payable are included in the carrying amount of restructured payables, and the conditions under which those amounts would become payable or would be forgiven when there is at least a reasonable possibility that a liability for contingent payments will be incurred. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 60 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6402221&loc=d3e15765-112638 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 60 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6402221&loc=d3e15743-112638 + Details
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